Solana Price Analysis — November 29

Following a week-long decline from the $230 area on FUD sparked by the discovery of a potentially deadlier and more transmissible COVID-19 variant dubbed “Omicron,” SOL appears to have regained a semblance of bullish traction. The fifth-largest cryptocurrency held its position above the $182 support despite intense bearish pressure and facilitated a rebound into the four-month-long ascending channel. The cryptocurrency crossed the critical $200 mark earlier today but recorded a bullish slowdown at the 50 SMA. That said, I expect a steady bullish continuation along my channel back towards the $230 mark over the coming days as purchase volume rises, provided that SOL maintains its footing above the $200 psychological support.

Meanwhile, my resistance levels are $209, $216, and $230, and my support levels are $200, $182, and $172.

Total Market Capitalization: $2.56 trillion

Solana Market Capitalization: $61.9 billion

Solana Dominance: 2.42%

Market Rank: #5